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Higher Ed in the News

Gov. Ritter signs state worker pension overhaul

February 24, 2010

Colorado Gov. Bill Ritter on Tuesday signed a bill that cuts state employee retiree benefits. State budget officials warned that without changes, the Public Employees Retirement Association plan would go broke in 20 years.

Under the new law (Senate Bill 1 [PDF]), retirees will get no cost of living increase this year instead of the normal 3.5 percent increase, which would save PERA $80 million. Next year they would get the lesser of inflation or 2 percent and, after that, annual increases could be no higher than 2 percent.

The retirement age fornew employees will rise from 55 to 60, and contributions would increase for both employees and their government employers.